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July 2010

Company Law Settlement Scheme, 2010

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
Reading Time 2 mins
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New Page 1Part D : Company
Law

62 Company Law Settlement Scheme, 2010

The Ministry of Corporate Affairs, vide the General Circular
No. 1 /2010 F. No. 2/7/2010-CL V, dated 26 May, 2010, has given an opportunity
to the defaulting companies to enable them to make their default good by filing
belated documents and to become a regular compliant in future. The Ministry, in
exercise of the powers u/s.611(2) and 637B (b) of the Companies Act, 1956 has
decided to introduce a Scheme, namely, ‘Company Law Settlement Scheme, 2010,’
condoning the delay in filing documents with the Registrar, granting immunity
from prosecution and charging additional fee of 25% of actual additional fee
payable for filing belated documents under the Companies Act, 1956 and the rules
made thereunder. The Scheme shall come into force on the 30th May, 2010 and
shall remain in force up to 31st August, 2010. The application for seeking
immunity in respect of belated documents filed under the Scheme may be made
electronically in the required Form, after closure of the Scheme and after the
document(s) are taken on file, or on record or approved by the Registrar of
Companies as the case may be, but not after the expiry of six months from the
date of closure of the Scheme.

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